IDA (Individual Development Accounts) Available for Alameda & Contra Costa Residents!

cruz couple 250Background:  Individual Development Accounts are asset building tool that can help targeted aspiring entrepreneurs achieve specific business financial goals.  We are accepting applications for our IDA program for Alameda and Contra Costa residents now!  The match is 4 to 1.  This means that, if accepted, participants who save $1,000 during the program will receive a match of $4,000.  The funds must be used for a Business Asset that will help increase profitability. We wish to thank the Y & H Soda Foundation and the Department of Health and Human Services – AFI Program for funding the match savings!

 

Program Period:  03/01/18 – 11/30/18 
Application Deadline:  02/23/18
Maximum Participants:  40 

Eligibility:  Participants must meet the following requirements ( additional requirements apply; please contact our office for full requirements):

  1. Must be a graduate of AnewAmerica business incubation program or a current enrollee.
  2. Must have a business plan at time of acceptance in the program or 90 days after acceptance. 
  3. Must reside in Alameda or Contra Costa County and be able to show proof of residence. 
  4. Must use the funds to acquire a BUSINESS asset that will help increase their business profitability. 
  5. Only one member per Household can participate in the program.
  6. Must be at or below 200% of the poverty level (see chart below)  

200% of Federal Poverty Level or Below

# of Persons in Household   Maximum Income Level
1   $ 24,120
2   $ 32,480
3   $ 40,840
4   $ 49,200
5   $ 57,560
6   $ 65,920
7   $ 74,280
8   $ 82,640

For more information, contact our Oakland field office at (510) 532-5240.